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Growth Rates

Volume 955: debated on Tuesday 24 October 1978

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asked the Chancellor of the Exchequer if he will publish a table showing, for both 1970–73 and 1973–77, the average annual rates of growth of (a) gross domestic product, (b) consumers' expenditure, (c) general Government final consumption, (d) gross domestic fixed capital formation, (e) exports of goods and services, and (f) imports of goods and services, at constant 1975 prices.

Following is the information:

Average annual rates of growth
At constant 1975 prices1970–731973–77
Gross domestic product:
At factor cost+3·9+0·4
At market prices+4·2+0·3
Consumers' expenditure+4·4-1·1
General government final consumption+3·9+2·1
Gross domestic fixed capital formation+2·9-2·2
Exports of goods and services+6·8+4·6
Imports of goods and services+8·7-0·6

Source: National Income and Expenditure 1967–77.

Rates of growth have been calculated by expressing at a compound rate of growth the changes in the expenditurebased estimates of GDP and its components between the years 1970 and 1973, and 1973 and 1977 respectively.